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11/11/2011 8:57AM

French Bonds Under the Spotlight

The ratings agency S&P accidentally issued a statement downgrading French bonds. But French bond yields are still on the up and Dow Jones's Martin Essex says that there's usually no smoke without fire.

This transcript has been automatically generated and may not be 100% accurate.

I ... Lloyds ... is in use in this week ... as they do why is it threatens all meals ... and as high as it's highly on Tuesday though with some sense ... this still ... didn't often stay high enough to actually create quite to serious concern ... to discuss all with me is often said to London ... lots of Essex ... Lawson ... okay haha and friends for deals going as I said not some cent but still high enough to keep it that way we're going to three point four percent which of course is nowhere near the seven percent which is regarded as the crisis level the level of which ... Portugal in on and and so I got into trouble but remember that only say six weeks ago they were turned off the set so they've gone up very substantially since the ... this is all being led by ten cents and buying by the sounds of a ... U S mostly they'll CXO the French banks that lent a lot of money to these other countries in trouble and so there's some concern that they might struggle to get that that their money back also see every serious extension to short selling ban on ... a lot of these companies intend financial companies it's the bikes Nesher and spending seems to be that ... one of their wire is is what happens when a ban is lifted ... is this lovely old ... pots of these is like usually with a price by a downgrade now aam is is keeping quite likely that process in fact in general is news that ... AAA credit rating and their two things are that the problem for the French banks which have led to molding Monday but is also perhaps some problem with the French economy as well which is a good it owes money appease the high debts and all the things the way of the peripherals ... of fraud says is how she can call it the weakest of the Triple A sulfur and it still thought that that sum benchmark AAA rating which is you know it ... if it but actually people can say well maybe prices got a lot of trouble it's the it's got to introduce an austerity package ... I'm guessing yes yes I know that I get a little bit said I'm a little practice he has written to the service ... OK let's see this as a sense that it's all but it isn't going to ... make a bigger problem is here to stay beside the purposes of the downgrade By had been downgraded which which we didn't mean to do he said and was immediately withdrawn it said why want that one of the rich want somebody ... that the Fed but that's what the what the ... Dems wouldn't say no this no smoke without fire somebody merciful yes the most committed to it even if that's not true ... it probably isn't it still focused attention on Frumes and its banks image of the OkCupid dulls who lose out to play credit what is the fallout from the summit followed in the process offers us ... where does that contagion and whether the Domin is still pulling ... in people say it's too is too big to fail will from says the dividend rate ... and then you start talking about well ... tobacco ... and the United States United Kingdom with all these countries that France can reasonably can to stop snow as a mobile EFSF is running a kind of is that Greece but think highlight is the EFSF as a buying a fund that is in Augusta but if you buy the fund is already seen as not being launching off to to fix it today ... um that's with Gemini and Frumes putting the that that that that that that that if they could wait and see if this is the wheel to raise the funds it needs to the bailout bill if the city to go back to make even smaller with ... front and the tickets to this gem in a lot of laughing going to have not been OK so basically ... if this happens the frauds ... that means false will no longer be ... part of the whole ... country is of the eurozone ... isn't part of the call ... who is always they want is the goal of ending the ratings ... wise Austria the Netherlands Finland Simon France is is has to be within the connection to the image of cost countries like Belgium as well ... otherwise you're talking about almost nothing as you say you can bet the Gemini and if you haven't made it so why all the with the euro ... that this idea ... it hasn't seen a little bit of it and it gets all bears that that that that the euro is closer to break up the news ever seen before